Over 50s ill-prepared for retirement

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JUST one in four workers aged 50 or over are financially ready for retirement, while a third have no retirement savings at all.

Those are the stark findings of a report from insurer MetLife entitled “10 Years to Save for your Retirement”. Key findings also include 64 per cent of over-50s do not know or do not believe they will be financially ready for retirement, including 32 per cent who have no savings at all.

Over-50s women are particularly ar risk, with average retirement savings of just £34,500 or half the £68,800 that men have saved. The average over-50 is looking for a retirement income of £18,100 – while those with household income of £70,000 or more are targeting a retirement income of £32,100.

Two-thirds of respondents say their planning has been hit by the recession.